What’s Happening With Dignity (DIG) Coin?

Dignity (DIG) coin has shit the bed in recent months (along with the crypto market as a whole) and people (including ourselves) are understandably upset with the recent happenings as well as with the price crashing so quickly.

While many of our early Moonshot Picks saw tremendous gains in short periods of time, it is important to note that this was in a bull market. The crypto market as a whole has dropped over 80% since then, and any of the smaller tokens have been crushed.

Moas Malice

One of Dignity (DIG)’s biggest proponents has been renowned stock picker Ronnie Moas. He was one of the first to publicly recommend DIG and he has taken a lot of heat for it. People can be pretty nasty, and most of those complaining aren’t subscribers of his. We’ll say this.. when it comes to picking stocks- there aren’t many better and with a longer track record than Ronnie Moas. He doesn’t owe the trolls on Twitter anything, in fact most of these trolls were his biggest fanboys when he was picking coins that were up 300-500% inside of a month.

We just hate to see bums that don’t even pay for a service, thank they have a right to complain.. about anything. The guy has been a Top 5 stock picker for nearly a decade straight.. no one else has done that on Wall Street. The guy’s also a huge philanthropist and humanitarian. Just because the market took a dump as a whole, and brought down altcoins with it and his prediction (as of now) is doing badly, it doesn’t give anyone the right to personally attack him or others.

Take some responsibility for your investment decisions and stop crying. We’re getting tired of seeing someone who has a stellar track record being dragged through the mud over a single recommendation. He’s also been accused of being a DIG insider (he’s not) as you know we have no problem exposing those)

Nearly every token has been demolished aside from a select few, but we’ve never seen someone personally attacked and to this extent over a recommendation that isn’t panning out. It could be this generation’s entitled brats, but it’s pitiful to watch. So until this market turns around.. man the fuck up and quit attacking people personally from behind a computer screen.

So What The Hell Happened?

Let’s start with the most recent..

Apparently there was a terrible glitch at Livecoin that someone picked up on when he transferred DIG to MyEtherWallet and got credited for 200% of the amount he transferred. People picked up on this and started doing the same thing.

I have seen screenshots at www.etherscan.io confirming double credits. At one point $DIG was down 75% to US$0.011. This may also be happening with other ERC-20 tokens at Livecoin.

Some people … perhaps concerned with Livecoin legal and financial liability and exposure … started to panic … and sold. This all happened very quickly.

On the afternoon of September 26th, Livecoin.net encountered some technical issues that caused their system to reboot, and the result was the double issuance of some tokens on their exchange when users tried to withdraw certain ERC 20 tokens.

Included in the affected tokens on the exchange were Dignity (DIG) and Loyalty (GIFT), two tokens managed under the Arbitrade corporate umbrella.

Livecoin has been bringing resolve back to their services that occurred with the double issuance of tokens upon withdrawal from their exchange. Most people that withdrew tokens, for whatever reason, on this date have had their accounts temporarily frozen until Livecoin’s technical team can restore order and make all appropriate transfers back into the appropriate accounts before reopening these trading accounts.

We understand that this is a major inconvenience for everyone involved as it has affected several other tokens on the exchange with similar consequences. We are assisting Livecoin and supporters accounts of Arbitrade as much as possible, but Livecoin has told Arbitrade that the situation is under control and they will restore full activity as soon as they are complete.

The Arbitrade team wants to let everyone know that this has no effect on the company or its plans as previously stated and that our board and legal teams have not stopped due to this issue. We trust Livecoin in their abilities to resolve this matter and Arbitrade is continuing to finish off all requirements to be licensed and start operating with the news we have been preparing for the past three months.

This is Livecoin’s statement release from the 27th:

LIVECOIN OPERATES IN NORMAL MODE

Dear customers, this night, due to the failure of servers, our software rebooted in emergency mode incorrectly. Now all the problems has been resolved, and the Exchange works normal again, please, be assured that all your funds are safe and secure.

Nevertheless, due to incorrect activation of the main and reserve Ethereum nodes (failure of coordination between the nodes), there were double withdrawals (double-spend) in a few contracts from both nodes. This malfunction affected only a small part of our Ethereum tokens (about 3% of them), and even smaller part of the funds (less than 1%). All your funds are safe, at the moment we are working with customers who received erroneous funds in order to recall the funds back. Trading of DIG asset has been restricted to prevent price manipulations, but it will be available again soon. All other assets are operating in standard mode.

There are no restrictions on deposit-withdrawal operations, and we are not planning to impose any. All the losses incurred will be compensated at the expense of the Exchange. Actually, this problem doesn’t concern 97% of the coins at the Exchange and all the fiat money, it was just about a few Ethereum contracts.

The Shitwinds A Blowin’

The shit barometer has been rising and shitwinds have been blowing. If you’re not careful your ears could implode from the shit pressure.

The FUD is Strong With This One

Never before have we seen a token surrounded by more false rumors, attacks and flat out lies spread online.

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Rumor After Rumor, FUD on top of FUD

Most recently, aside from the Livecoin drama there were rumors about the token swap.. but that has already been successfully completed so we’ll move on to the other rumors.

Arbitrade responds to the Rumors & Gossip

For simplicity, we’ll refer to each of these as “ Gossip Topics” and give you the “Facts“:

Gossip Topic #1:38 Main Street, Grand Bend, Ontario Canada is listed as the main office property for Arbitrade. A big deal has been made of this because it appears on Google Maps to be simply a small dress shop in a small beach community.

Fact: The truth of the matter is that this property has a large office upstairs that is owned by the original creator and owner of Arbitrade/Cryptobontix who chose to use the address on the original registration of both companies as temporary headquarters until more suitable accommodations could be acquired and setup. Since then, the new board of directors has taken over the company and the former owner is now working in the capacity of a consultant to the company.

Very shortly, Arbitrade will officially announce that it has placed an offer to purchase a seven-story office tower in the country where the business will ultimately be domiciled. The new headquarters will house 360 employees and be the head office of operations.

Gossip Topic #2: While a site for testing ArbiPay was temporarily visible to the public, someone chose to dig into the source code and discovered Badabing within it and made an issue out of it.

Fact: ArbiPay, which allows users to convert cryptocurrency holdings into a fungible asset easily and permits fast and secure per-to-per transferring, had been in development for over two years and is an amazing app; however, during that same time, the company came across a similar app named Badabing. Seeing Badabing as a superior product, with similar features, but one that can also operate in fiat dollars, the company quickly realized the potential of combining the applications and cross-integrating the platform with financial institutions and banks.

Although we had not planned to announce this until the end of this month, along with other news, Arbitrade has acquired Badabing in another acquisition. This software allows ArbiPay to become a leader in the banking sector, remittance sectors and PoS payment sectors plus so much more to will be revealed soon.

Gossip Topic #3: Perhaps because of the test site mentioned above being discovered during the brief point it was publically visible, derogatory comments have been made to the effect that our developers are “amateur hour.”

Fact: The URL that was live was a temporary test site for the developers to work out certain aspects and bugs before going fully live with the application. Testing has completed, the test site is no longer live, and should in no way reflect on the quality or professionalism of the team.

In fact, make no mistake, Arbitrade’s developers are at the top of their game and the Arbitrade and ArbiPay platforms are at the top of the industry standards.

There have been over 160 developers that have been working on every aspect of this platform and tokens for the last two years and, for the last six months, that number was increased to over 200.

Building products on blockchain technology like the ones our development team has is no small feat but our developers have risen to the challenge. Right now, we are in the middle of incorporating 11 top-level, cross-integrated applications into the Arbitrade platform, which is quite an accomplishment.

Gossip Topic #4: There have been insinuations and rumors that the company has no cryptocurrency mining rigs and the facility in Watford, Ontario has not been under refurbishment for months now to house a farm of mining rigs there.

Fact: The company has already purchased 8,000+ cryptocurrency mining rigs and will start deploying them under their operating names, such as Dignity, soon.

For example, 5,500 mining rigs are being deployed in Atlanta as we write this. 5,000 will be deployed for Dignity (DIG) and the remaining 500 for Reciprocation (ECHO). Additionally, the company has already launched 50 Innosilicon D9 miners that harvest Decred and are getting phenomenal results right out of the starting gates.

The facility in Watford Ontario is also going online in a matter of days with over 2,800 mining rigs there that are ready to deploy with more showing up on a daily basis. Ronnie Moas, the analyst that has been a good supporter of the Dignity token, has been invited to tour these facilities in person, once they are up and running, very soon.

Gossip Topic #5: The Gold bullion that will be backing the Dignity (DIG) token. There was a big stir in the Telegram groups about the wording of paying off “bullion debt” towards the gold in a communication sent on May 8th.

Fact: Arbitrade is acquiring $8.7 Billion worth of the four bullions (gold, silver, platinum, and palladium) that will back the company’s four major tokens. An $8.7 Billion acquisition is a huge amount of money, in fact, it is at least three times larger than any ICO to date, especially considering Arbitrade chose not to hold an ICO and has been funded by friends, family, and insiders up to this point.

This gold acquisition is similar to that of a house purchase and a mortgage:

In a nutshell, the entities that are selling us the bullion are giving us title upon closing, meaning we own it like a person would if they purchased a house. Then they place a debt against said bullion under a structured financing over a certain period of time, which would be similar to a mortgage. 50% of the daily mined proceeds is applied to that debt. The only difference between a house mortgage and the Arbitrade bullion acquisition is that every day a certain amount of the bullion becomes wholly owned by the tokens each of the four bullion represents.

This wholly owned bullion is what can be redeemed each year during the utility token swap period if desired.

The payback period of the bullion will be extremely aggressive as Arbitrade is lining up the largest deal ever placed for mining rigs in the history of the industry, with Coin Miner. Coin Miner has developed a GPU mining rig with 600 hash power and running at a low wattage, which makes these one of the most powerful mining rigs on the market.

The Nelson Mandela golden hands acquisition was a way the company decided to kick off this monumental event and mark many great things for years to come. Although the company paid $10 million for this acquisition, along with the company, many high-end artifact/art collectors and appraisers believe that these hands could be worth over $50 million in the years ahead. This makes for a smart investment towards the Dignity gold holdings and to mark the company’s objectives to help everyone in need globally over the next several decades and our symbol, like Nelson Mandela’s, to fight for equality, health and happiness.

Gossip Topic #6: The final issue that needs to be addressed is the C-CEX UNY/DIG transfer difficulties and the claims that Arbitrade has not done enough to get this matter resolved quickly.

Fact: We have done everything within our powers to get this matter resolved, but the problem remains with C-CEX. Even after paying C-CEX 2.5 BTC before they would agree to do the swap, we were told the swap was a success even though it wasn’t.

Bottomline:

HOLD for now. When the crypto market finally turns around and once all the confusion regarding regulation clears and we begin to see Institutional Capital re-enter the market.. DIG is a sweet baby we wouldn’t throw out with the bathwater. Not just yet.